Dogecoin (DOGE) is all set to be listed on the OKCoin cryptocurrency exchange next week, which will give legions of followers yet another place to buy and sell the Shiba Inu-themed cryptocurrency.
What Happened: Jason Lau, San Francisco-based OKCoin’s Chief Operating Officer, told Benzinga that the decision to list DOGE was deliberate and is a “testament to the coin’s legitimacy.”
Lau counted the speed and low cost of transactions compared with other cryptocurrencies as factors that work in favor of DOGE. The executive is upbeat on Dogecoin and said it was a lot more than a joke.
See Also: How to Buy Dogecoin (DOGE)
“It is secured by proof of work and has never had any security issues. It’s clear that beyond being a joke, technologically sound ‘meme’ coins have a place in the cryptosphere as they are fun and community driven,” said Lau.
See Also: Dogecoin Gets New Wings With Developer Upgrades: What You Need To Know
DOGE has risen 202.54% on a seven-day trailing basis. On a year-to-date basis, it has soared 7,177.47%. At press time, DOGE traded 19.51% lower at $0.34.
Comparatively, the apex cryptocurrency by market capitalization, Bitcoin (BTC), has returned 90.73% since the beginning of 2021. BTC traded 1.27% higher at $55,752.34 at press time.
On the current rally, Lau told Benzinga that it is “off charts and completely different.” He said alarm bells are ringing.
“I don’t expect these price levels to sustain for long. Technically, DOGE development has stagnated, with little improvement or development in years. In addition, there are less than a 700 nodes, implying lesser network resilience.”
Why It Matters: On the current rally, which Lau termed “historic,” the executive said the origins lie in a combination of Tesla Inc TSLA CEO Elon Musk’s tweets and the interest that the Reddit forum r/WallStreetBets has taken in cryptocurrency.
“It demonstrates the potential of an enthusiastic community,” Lau told Benzinga. “The social media spotlight has made DOGE one of the few tokens to penetrate beyond the crypto community.”
Although less keen on the sustainability of the rally, Lau is upbeat about the meme value of DOGE.
“It is an entertaining and meme-filled opportunity to trade and give crypto a try. However, it is fun - so, embrace the volatility, tip others, and be a part of the DOGE community!”
Read Next: Alt Of Alt Season? As Dogecoin Mutes, Look-Alikes Are Thriving
Editor's Note: An earlier version of this article misattributed a quote to Lau on Dogecoin having fewer nodes as a factor working in the cryptocurrency's favor. We regret the error.
Photo courtesy: Super Furet via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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